Slide 1: Investor Update
Investor Update August 2018 NYSE: PSX www.phillips66.com Bayway Refinery, Linden, NJ
Slide 2: Cautionary Statement
Cautionary Statement This presentation contains certain forward-looking statements. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “intends,” “objectives,” “projects,” “strategies” and similar expressions are used t
Slide 3: Diversified Downstream Company
Diversified Downstream Company Marketing & Midstream Chemicals Refining Specialties Integrated Midstream 50% Interest in CPChem Diversified Refining Portfolio Stable, High-return Network Businesses Location Advantaged Investing in Quick Payout Pursue Organic and M&A Chemicals Portfolio Projects Enha
Slide 4: Executing Strategy
Executing Strategy Leading Operating Excellence Growth CPChem USGC petrochemicals assets Gray Oak Pipeline Sweeny Hub Beaumont Terminal Returns Refinery yield and feedstock flexibility projects U.S. Marketing re-imaging Distributions 27% dividend CAGR since 2012 $14.1 B in total share repurchases/ex
Slide 5: Operating Excellence
Operating Excellence Total Recordable Rates Refining Environmental Metrics (Incidents per 200,000 Hours Worked) (No. of events) Industry Average ’13 ’14 ’15 ’16 ’17 ’18 317 302 279 264 242 123 Phillips 66 CPChem DCP Midstream 2013 2014 2015 2016 2017 1H 2018 Operating Costs and SG&A Refining Capacit
Slide 6: Environmental, Social, Governance
Environmental, Social, Governance Board engaged in setting company ESG Industry Safety Metrics (Incidents per 200,000 Hours Worked) strategy 6 Extensive ESG engagement 4 2 Record low reportable environmental events 0 Agricul., Food All Construction Prof. Petroleum Petchem. Phillips 66 Investing in f
Slide 7: U.S. Crude Oil and Gas Plant NGL Production
U.S. Crude Oil and Gas Plant NGL Production Bakken 8 Rockies 6 8 4 6 2 4 0 2 2012 2014 2016 2018 2020 2022 0 Midcontinent 2012 2014 2016 2018 2020 2022 8 6 Permian 4 8 2 6 0 4 2012 2014 2016 2018 2020 2022 2 0 Eagle Ford 8 2012 2014 2016 2018 2020 2022 6 4 2 0 2012 2014 2016 2018 2020 2022 Source: B
Slide 8: Midstream Macro Environment
Midstream Macro Environment U.S. Crude Oil Export Volume (MMBD) U.S. Clean Product Exports (MMBD) 1.5 2.5 2.0 1.0 1.5 1.0 0.5 0.5 0.0 0.0 2012 2013 2014 2015 2016 2017 2018 2012 2013 2014 2015 2016 2017 2018 U.S. LPG Export Volume (MMBD) Phillips 66 2018 Export Capacity (MMBD) 1.2 2.0 Thousands Prop
Slide 9: Chemicals Macro Environment
Chemicals Macro Environment U.S. Ethane Demand Global PE Capacity and Demand (MMBD) (MMTA) 2.5 Exports 150 Capacity Base Ethane Petchem & Price-sensitive Demand 2.0 Flexible Feedstock 100 1.5 1.0 50 0.5 0.0 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2012 2013 2014 2015 2016 2017 2018 2
Slide 10: Refining Macro Environment
Refining Macro Environment Global Clean Product Demand (MMBD) Global clean product demand 70 Diesel expected to grow, driven largely by Jet Gasoline diesel 60 50 Global utilization rates expected in 40 low-80s, with U.S. refining in low-90s 30 20 Strong U.S. utilization due to cost and reliability a
Slide 11: Integrated Midstream Network
Integrated Midstream Network 10
Slide 12: Midstream
Midstream Transportation 21,000 miles of US pipeline systems 40 finished product terminals 38 storage locations 19 crude oil terminals 5 LPG terminals and 1 petroleum coke exporting facility NGL and Other 200,000+ BPD fractionation capacity 200,000 BPD LPG export capacity 2,600+ miles of pipelines 1
Slide 13: Midstream Growth
Midstream Growth Platform for growth Sweeny Hub Gray Oak Pipeline South Texas Gateway Terminal Beaumont Terminal Sand Hills Pipeline expansion Bayou Bridge Pipeline Lake Charles Pipeline Project Lake Charles Isomerization Unit See appendix for map key. 12
Slide 14: Sweeny Hub Expansion
Sweeny Hub Expansion $1.5 B expansion of Sweeny Hub 2 x 150 MBD NGL fractionators 6 MM bbls expansion of PSXP’s NGL storage capacity Y-grade NGL feedstock supply agreements with firm volume commitments secured Purified products will be marketed via Freeport LPG Terminal Freeport LPG Terminal, Sweeny
Slide 15: Phillips 66 Partners
Phillips 66 Partners Distribution Growth (cents/common unit) Achieved 2018E annualized run-rate $1.1 B adjusted EBITDA in 2Q18 Organic growth opportunities 75.2 71.4 67.8 64.6 30% distribution CAGR 2013-2018 50.5 53.1 55.8 58.6 61.5 45.8 48.1 42.8 40.0 37.0 34.0 30.2 31.7 27.4 21.3 22.5 Top quartile
Slide 16: DCP Midstream
DCP Midstream DJ Basin 0.8 Bcf/d Well positioned in low-cost supply basins processing capacity Strong growth projects around existing footprint Sand Hills NGL Pipeline expansions to 425 MBD in 2Q 2018, 485 MBD by the end of 2018 Permian Mid-continent 1.3 Bcf/d 1.8 Bcf/d DJ Basin gathering and proces
Slide 17: Feedstock Advantaged Chemicals Portfolio
Feedstock Advantaged Chemicals Portfolio Worldwide U.S. Gulf Net Ethylene Coast Capacity: 6,410 kMTA U.S. Net Ethylene Capacity: 5,285 kMTA Middle East Net Ethylene Saudi Qatar Capacity: Arabia 1,125 kMTA As of June 30, 2018 16
Slide 18: CPChem
CPChem CPChem USGC Ethane Cracker, Cedar Bayou, TX Olefins and Polyolefins Specialties, Aromatics and Styrenics 11,245 kMTA/year North America capacity 2,710 kMTA/year North America capacity 2,510 kMTA/year Middle East capacity 1,050 kMTA/year Middle East capacity USGC Petrochemicals assets started
Slide 19: Chemicals Outlook
Chemicals Outlook 2018E Average Ethylene Production Cost Curve Middle East ethane and North ($/Tonnes) America NGLs remain positioned at the low end of the cost curve N.A. Naphtha M.E. Naphtha 1,000 Asia Coal Asia Naphtha W. Europe Ethylene demand growth outpacing M.E. LPG Naphtha global GDP 500 W.
Slide 20: Enhancing Returns in Refining and Marketing
Enhancing Returns in Refining and Marketing 19
Slide 21: Refining and Marketing
Refining and Marketing Refining 13 refineries in U.S. and Europe In 5 U.S. PADDs 2,146 MBD crude capacity 35% heavy, 30% light, 35% medium crude mix Marketing 9,000+ global sites, including 5,700 wholesale outlets 1,700+ re-imaged sites since 2015 Sweeny Refinery, Sweeny, TX 20
Slide 22: Enhancing Refining Returns
Enhancing Refining Returns Improving returns projects PSX Global Clean Product Yield Wood River FCC modernization (complete) Bayway FCC modernization (complete) 84.6% 84.1% 84.4% 84.6% 85.5% 83.6% Lake Charles crude flexibility (4Q 2018) 2013 2014 2015 2016 2017 1H 2018 Lake Charles isomerization un
Slide 23: IMO 2020 Preparedness
IMO 2020 Preparedness 2017 Distillate Production as % Total Throughput Existing PSX portfolio well positioned for IMO 2020 38.3% 37.8% 37.1% 36.4% 33.0% High distillate production VLO PSX ANDV HFC MPC Industry leading coking capacity Global Coking Capacity (MBD) and Coking as % CDU 20% Industry lead
Slide 24: Canadian Imports
Canadian Imports 2017 Average Canadian Imports (MBD) PSX is the largest U.S. importer of Canadian crude 508 Averaged 508 MBD of 343 imports in 2017 Processed Canadian crude 100 in 9 U.S. refineries 21 16 PSX MPC HFC ANDV VLO Source: E.I.A, May 2018. 23
Slide 25: Stable, High Return Marketing and Specialties Network
Stable, High Return Marketing and Specialties Network Marketing Enhancing U.S. fuels brands Adding 25-30 European sites per year Expanding brand licensing Providing ratable refinery off-take Adjusted EBITDA ($B) Specialties $1.4 B Average Increasing value through integration, optimization, and produ
Slide 26: Capital Structure
Capital Structure Equity and Debt Investment-grade credit ratings 27.4 25.0 31% 23.9 23.7 PSX – BBB+ / A3 22.4 22.0 27% 30% 27% PSXP – BBB / Baa3 22% 28% 26% 27% 25% 22% 21% 11.4 Total liquidity, as of June 30, 2018 10.1 10.1 8.6 8.9 PSX – $6.7 B 6.1 PSXP – $0.9 B 2013 2014 2015 2016 2017 2Q 2018 ~3
Slide 27: Financial Flexibility
Financial Flexibility Maintain financial strength, strong 2015 – 2017 investment-grade credit rating Fund sustaining capital expenditures Distributions Pay a secure, competitive, and growing Reinvestment dividend 60% reinvestment and 40% shareholder distributions See appendix for footnotes. 26
Slide 28: Capital Expenditures
Capital Expenditures Consolidated Capital Expenditures ($B) 2018E Consolidated – $2.30 B 5.8 Phillips 66 2018E – $1.55 B 3.8 $0.70 B Growth 2.8 $0.85 B Sustaining 2.3 1.8 1.8 Phillips 66 Partners 2018E – $0.75 B 2013 2014 2015 2016 2017 2018E PSX PSXP 2015 consolidated capital expenditures of $5.8 b
Slide 29: Distributions
Distributions Important source of shareholder value Annual Dividend ($/share) Secure, competitive, and growing 3.10 dividend 2.18 2.45 2.73 1.89 1.33 14% increase to $0.80 per quarter 2013 2014 2015 2016 2017 2018E 27% CAGR with eight increases since May 2012 Cumulative Distributions ($B) 20.8 16.4
Slide 30: Creating Value
Creating Value Mid-Cycle Incremental Run-Rate Adjusted EBITDA ~ $1.5 B long-term expected ($B) adjusted EBITDA growth from projects coming online 2017-2018 ~ $1.5 Shifted from heavy-investment period to increasing net cash generation Continued investment in higher- valued businesses generating stron
Slide 31: Delivering Shareholder Returns
Delivering Shareholder Returns Total Shareholder Return Integrated portfolio PSX +342% 380% 340% Disciplined capital allocation Peers +243% 300% S&P 100 +124% 260% Returns focused 220% 180% Value-added growth 140% 100% Strong balance sheet 60% 20% -20% Compelling investment May-12 May-13 May-14 May-
Slide 32: Investor Update (Phillips 66 Partners)
Investor Update August 2018 NYSE: PSXP www.phillips66partners.com
Slide 33: Phillips 66 Partners Ownership Structure
Phillips 66 Partners Ownership Structure (NYSE: PSX) 100% ownership interest PSXP Public Common Phillips 66 Partners GP LLC Unitholders 55% limited partner (PSXP General Partner) interest General Partner Units IDRs 43% limited partner interest 2% general partner interest (NYSE: PSXP) Operating Subsi
Slide 34: Phillips 66 Partners
Phillips 66 Partners Strong alignment with Phillips 66 Highly integrated assets Stable and predictable cash flows Strong growth potential Financial flexibility Sweeny Fractionator, Sweeny, TX Pecan Grove Marine Dock 33
Slide 35: Phillips 66 Partners
Phillips 66 Partners Pecan Grove Marine Dock 34
Slide 36: Financial Growth
Financial Growth Adjusted EBITDA ($MM) Annual performance highlights since 2014 754 58% growth in Earnings 471 75% growth in Adjusted EBITDA 285 141 65% growth in Distributable Cash Flow 33 2013 2014 2015 2016 2017 Earnings ($MM) Distributable Cash Flow ($MM) 572 461 380 301 194 228 116 128 29 30 20
Slide 37: Distribution Growth
Distribution Growth Distribution / Common LP Unit (cents) 71.4 75.2 64.6 67.8 58.6 61.5 53.1 55.8 48.1 50.5 42.8 45.8 37.0 40.0 30.2 31.7 34.0 27.4 21.3 22.5 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 Coverage Ratio 1.13x 1.10x 1.10x 1.44x 1.3
Slide 38: Phillips 66 Partners Capital Expenditures
Phillips 66 Partners Capital Expenditures 2018E Capex of $750 MM PSXP Capital Expenditures ($MM) $665 MM Growth Gray Oak Pipeline South Texas Gateway Terminal 750 Bayou Bridge Pipeline 461 Sand Hills Pipeline 352 Lake Charles Isomerization Unit 205 4 66 Sacagewea Gas Pipeline 2013 2014 2015 2016 201
Slide 39: Gray Oak Pipeline
Gray Oak Pipeline Crude oil pipeline from West Texas to Corpus Christi and Sweeny/Freeport markets 800 MBD initial pipeline capacity Expandable to 1,000 MBD 75% PSXP and 25% ANDV ownership* Operated by Phillips 66 Expected in service end of 2019 *If outstanding options are exercised, PSXP would own
Slide 40: $750 MM 2018 Organic Growth Plan
$750 MM 2018 Organic Growth Plan Gray Oak Pipeline Transports crude from West Texas to Corpus Christi and Sweeny Freeport, in service by end of 2019 800 MBD and may be expanded up to 1,000 MBD based on shipper interest South Texas Gateway Terminal 3.4 MM barrel storage with two docks capable of bert
Slide 41: PSXP Debt Profile
PSXP Debt Profile Senior Notes Maturity Profile ($B) PSXP Revolving Credit Facility 0.8 0.6 0.5 0.5 0.5 0.5 0.3 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 Senior Notes ($MM) $2.9 B Total Debt as of June 30, 2018 Year Due Principal ($MM) Coupon $2.9 B Senior Notes, wei
Slide 42: Financial Flexibility
Financial Flexibility Investment-grade credit rating Financial targets: 30% distribution CAGR 2013-2018 3.5x debt / EBITDA 1.1x annual coverage ratio Support Phillips 66 Midstream growth 41
Slide 43: Total Return Since IPO
Total Return Since IPO PSXP +177% 300% Closed $70 MM Closed $1.3 B Alerian MLP Index -15% acquisition acquisition Closed $2.4 B 250% acquisition Closed $775 MM 200% acquisition Closed $700 MM acquisition 150% 100% Closed $340 Closed $1.0 B MM acquisition acquisition Closed $236 MM IPO acquisition 50
Slide 44: Appendix
Appendix Freeport LPG Export Terminal
Slide 45: Corporate Strategy
Corporate Strategy Operating Committed to safety, reliability and environmental stewardship while Excellence protecting shareholder value Reshaping our portfolio by capturing growth opportunities in Midstream Growth and Chemicals Enhancing returns by maximizing earnings from existing assets and Retu
Slide 46: Value Chain
Value Chain O Phillips 66 OpPhillips 66 Partners Ocpchem Oc? midstream GLOBAL MARKETS CRUDE OIL ))- Crude Pipelines, Marine, Shipping and Rail Terminals and Marine Petrochemicals WELLHEAD NGL and y- Natural Gas -))- Piel Fractionation LPG Export Gathering and ipelines and Storage and Marketing LIQUI
Slide 47: West Coast
West Coast @ = Terminal (PSX) @ Terminal (PSXP) — Pipeline (PSX) —— Pipeline (PSXP) A Rail Rack (PSX) AX Rail Rack (PSXP) Phillips 66 Operated Refinery all. FERNDALE aj e 3 i YELLOWSTONE ee PIONEER SAN FRANCISCO —__~ REFINERY \ 4 \ LINE 200 \ Cne to LINE 100 LINE 300 “A LOS ANGELES.~~ REFINERY 46
Slide 48: Midcontinent
Midcontinent YELLOWSTONE @ Terminal (PSX) a © Terminal (PSXP) ae @ Fractionator (PSX) — Pipeline (PSX) —— Pipeline (PSXP) A Rail Rack (PSX) Ax Rail Rack (PSXP) PIONEER Phillips 66 Operated Refinery 47
Slide 49: Western Gulf
Western Gulf PHILLIPS il | [mmaddeoe Terminal (PSX) Terminal (PSXP) CPChem Petrochemical Assets Fuel-Grade Coke Processing Unit (PSXP) Underground Storage Facility (PSXP) Fractionator (PSXP) Fractionator (PSX) (Under Construction) Fractionator (Partially Owned) Pipeline (PSX) Pipeline (PSXP) Pipelin
Slide 50: Eastern Gulf
PHILLIPS: Eastern Gulf Terminal (PSX) Terminal (PSXP) Excel Paralubes Base Oil (PSX) Coke Handling Terminal (PSX) Third-Party Terminal Underground Storage Facility Pipeline (PSX) Pipeline (PSXP) ||de5aeeo3@ CPChem Ethylene/ Polyethylene Facility LOUISIANA CRUDE GATHERING SYSTEM eae a Caven a e St. e
Slide 51: Atlantic Basin
Atlantic Basin @ Terminal (PSXP) — Pipeline (PSX) A Rail Rack (PSXP) A} Phillips 66 ail Operated Refinery ah } Phillips 66 rit 4 Refinery Interest
Slide 52: Adjusted Free Cash Flow
Adjusted Free Cash Flow 2012–1H 2018 Average Midstream ($B) Chemicals ($B) PSXP (0.3) Contributions 1.0 1.6 (0.2) 1.0 0.9 0.8 Adjusted CFO & PSXP Sustaining Capex Available Cash Flow Adjusted CFO Sustaining Capex Adjusted FCF Contributions Refining ($B) Marketing & Specialties ($B) (0.8) (0.1) 2.7 0
Slide 53: 2012–1H 2018 Average Adjusted ROCE
2012–1H 2018 Average Adjusted ROCE 30% M&S 24% Chemicals 15% 18% Refining PSX Total 11% 12% Midstream 6% Corporate 0% (8%) -15% 0 2 4 6 8 10 12 14 16 18 20 22 24 26 $3228 30 32 Average Capital Employed ($B) 52
Slide 54: Consolidated Debt and Liquidity
Consolidated Debt and Liquidity Senior Notes Maturity Profile ($B) PSX Senior Notes PSXP Senior Notes PSX Term Loan 5.0 0.8 0.8 2.0 0.5 1.5 1.7 0.8 1.0 0.3 0.5 0.5 0.5 0.5 0.6 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 Phillips 66, excluding PSXP Phillips 66 Partners
Slide 55: 2018 Sensitivities
2018 Sensitivities Annual Net Income $MM Midstream - DCP (net to Phillips 66) 10 cents/Gal Increase in NGL price 5 10 cents/MMBtu Increase in Natural Gas price 1 $1/BBL Increase in WTI price 1 Chemicals - CPChem (net to Phillips 66) 1 cent/Lb Increase in Chain Margin (Ethylene, Polyethylene, NAO) 45
Slide 56: Phillips 66 Outlook
Phillips 66 Outlook 3Q 2018 Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization Mid-90% Refining turnaround expenses (pre-tax) $60 MM - $80 MM Corporate & other costs (after-tax) $170 MM - $190 MM 2018 Refining turnaround expenses (pre-tax) $520 MM - $570 MM Corporate & Other
Slide 57: 2018 Capital Budget
2018 Capital Budget Millions of Dollars Sustaining Growth Capital Capital Capital Program Midstream Phillips 66 $ 133 $ 335 $ 468 Phillips 66 Partners 85 665 750 218 1,000 1,218 Chemicals - - - Refining 541 286 827 Marketing and Specialties 65 75 140 Corporate and Other 116 - 116 Phillips 66 Consoli
Slide 58: Total U.S. Coking Capacity
2,701 Total U.S. Coking Capacity (MBD) 400 350 350 304 300 281 250 200 182 177 176 175 150 146 146 150 131 100 90 65 54 51 50 41 39 36 36 29 21 18 6 0 Source: 2018 Oil and Gas Journal. Phillips 66 includes 50% WRB. 57
Slide 59: Total Global Coking Capacity
5,034 Total Global Coking Capacity (MBD) 485 500 450 423 400 350 304 300 281 263 263 250 198 191 200 182 177 155 150 146 146 150 125 115 109 92 90 84 100 79 72 65 61 56 54 51 50 43 41 40 39 39 37 36 36 36 33 30 29 29 26 26 26 25 50 0 Source: 2018 Oil and Gas Journal. Phillips 66 includes Humber, 18.
Slide 60: Footnotes
Footnotes Slide 3 Total share repurchases and exchanges include the PSPI share exchange in 2014. Dividend CAGR calculated from initial dividend of $0.20 per share in 3Q 2012 to last increase of $0.80 per share in 2Q 2018. Slide 4 Industry averages are from: Phillips 66 – American Fuel & Petrochemica
Slide 61: Footnotes
Footnotes Slide 12: Map Key Slide 14 3Q 2013 distribution represents the minimum quarterly distribution (MQD); actual distribution of 15.48 cents equal to MQD prorated Slide 15 Volumes exclude potential by-pass volumes 60
Slide 62: Footnotes
Footnotes Slide 21 To enhance comparability to current operating assets, clean product yield shown excludes impacts from Whitegate and Melaka prior to their sales. U.S. Industry average from U.S. Energy Information Administration (EIA) updated through May 2018. Slide 26 Reinvestment excludes Phillip
Slide 63: Footnotes
Footnotes Slide 30 Chart reflects total shareholder return May 1, 2012 to July 31, 2018. Dividends assumed to be reinvested in stock. Source: Bloomberg. Peer average includes Delek US Holdings, Inc., HollyFrontier Corporation, Marathon Petroleum Corporation, PBF Energy Inc., Andeavor (formerly Tesor
Slide 64: Footnotes
Footnotes 1H 2018 1H 2018 is as of June 30, 2018, or the six-month period ended June 30, 2018, as applicable; except as otherwise noted. Forecasted and Estimated EBITDA and Maps We are unable to present reconciliations of various forecasted and estimated EBITDA included in this presentation, because
Slide 65: Non-GAAP Reconciliation (slide 4)
Non-GAAP Reconciliation (slide 4) Millions of Dollars 2013 2014 2015 2016 2017 1H 2018 Production and operating expenses $ 4,206 $ 4,435 $ 4,294 $ 4,275 $ 4,699 $ 2,389 Selling, general and administrative expenses 1,478 1,663 1,670 1,638 1,695 818 5,684 6,098 5,964 5,913 6,394 3,207 Plus: Sentinel o
Slide 66: Non-GAAP Reconciliation (slide 24)
Non-GAAP Reconciliation (slide 24) Millions of Dollars 2013 2014 2015 2016 2017 Reconciliation of Marketing and Specialties Net Income to Adjusted EBITDA Marketing and Specialties net income 894 1,034 1,187 891 686 Plus: Income tax expense 433 441 465 370 334 Interest revenue - - (2) - - Depreciatio
Slide 67: PSXP Non-GAAP Reconciliation (Slide 35)
PSXP Non-GAAP Reconciliation (Slide 35) Millions of Dollars 2013 2014 2015 2016 2017 2Q 2018 Reconciliation to Net Income Attributable to the Partnership Net income attributable to the Partnership 29 116 194 301 461 186 Plus: Net income attributable to Predecessors 145 129 112 107 63 - Net income 17
Slide 68: PSXP Non-GAAP Reconciliation (Slide 35)
PSXP Non-GAAP Reconciliation (Slide 35) Millions of Dollars 2013 2014 2015 2016 2017 2Q 2018 Reconciliation to Net Cash Provided by Operating Activities Net cash provided by operating activities 199 296 392 492 724 226 Plus: Net interest expense - 5 34 52 99 29 Income tax expense 2 1 - 2 4 - Changes
Slide 69: Non-GAAP Reconciliations (Slide 51)
Non-GAAP Reconciliations (Slide 51) Millions of Dollars Average 2012 - 2018 1H Marketing & FCF Reconcilition Midstream Chemicals Refining Specialties Cash From Operations GAAP 905 392 2,596 964 Change in Non-Cash Working Cap. 12 - 151 (97) Cash From Operations (excluding WC) 917 392 2,747 867 Less:
Slide 70: Non-GAAP Reconciliations (Slide 52)
Non-GAAP Reconciliations (Slide 52) Millions of Dollars Average 2012-1H 2018 Phillips 66** Midstream Chemicals Refining M&S Corporate Phillips 66 ROCE Numerator Net Income $ 3,974 360 848 1,837 870 (67) After-tax interest expense 219 - - - - 219 GAAP ROCE earnings 4,193 360 848 1,837 870 152 Special